Lobbying for Blockchain and Cryptocurrency Increases by Threefold in the Course of a Year
Blockchain technology and cryptocurrency, as industries, are growing, even if they are such a niche category at the moment. Since 2018, the number of lobbyists in favor of blockchain technology have tripled, based on the disclosure filings in the Capital. In a recent article from POLITICO, writer David Beavers wrote on the way that this “boomlet” is impacting the world today, unraveling how the industry has grown in Washington, DC over time.
The executive director of Coin Center, Jerry Brito, has suggested that the increased interested and growth has been the result of increasing regulation of securities. However, in January this year, Darren Soto, the Democratic Representative from Florida, had said that most cryptocurrencies should not be subjected to regulations, based on the current infrastructure with Securities and Exchange Commission (SEC). In his opinion, the Commodities and Futures Trading Commission (CFTC) and the Federal Trade Commission (FTC) should be the ones in charge of overseeing cryptocurrencies. He added that the tokens should not even be classified as securities, which means that the SEC would have no oversight anyway.
Blockchain companies frequently deal with more difficulties when they launch outside of cryptocurrencies. Lobbyist Dina Ellis Rochkind believes that these first are still working to gain more allies in Congress, even though cryptocurrencies have found a substantial number of advocates. Only last year, a collaborative organization called the Blockchain Association came together to represent the blockchain industry. Presently, the group includes some major names in the industry like Coinbase, Protocol Labs, Digital Currency Group, and Polychain Capital, and they represent the major investors and entrepreneurs in blockchain.
Rep. Kevin McCarthy, the current Republican Minority Leader in the United States House of Representatives, has said that the introduction of blockchain technology to Congress would improve efficiency and transparency. McCarthy added that the technology is still evolving and completely uprooting the financial industry. As such, he implied that integrating the technology to the government would only be natural to seeing the extent that blockchain can benefit information at this level.